Ownership of Cross–Listed Equities: An Investigation of Turnover, Diversification, and Risk

Using data for a sample of Malaysian stocks that are traded in both Malaysia and Singapore, we show that the turnover rate (trading volume relative to shares held) is significantly higher in the foreign market than in the domestic market. We also find that ownership of cross–listed shares by foreign investors is not motivated by diversification benefits. Instead, we find that the proportion of a firm's shares held in Singapore is directly related to the firm's level of systematic risk.     

Evidence on agglomeration economies,diseconomies, and growth

Conventional urban economic analysis suggests that a local economy's size is closely related to a number of features, including levels of human capital and the availability of specialized inputs, which are likely to influence positively the rate at which it accumulates further economic activity. At the same time, urban theory also suggests that once cities reach a certain level of size, these agglomeration benefits begin to peter out, while diseconomies rise rapidly. Consequently, we should see an ‘inverted U‐shaped’ pattern of growth with respect to economic size—rates of growth first rise, then fall as size increases. This paper shows that, while such a pattern is largely absent from recent data on growth in metropolitan area population and employment, it emerges strikingly in county‐level data. Copyright © 2002 John Wiley & Sons, Ltd.     

DURATION MOMENTS AND YIELD CURVE MOVEMENTS

In this paper we will analyze the relationship between the value and duration moments of a cash flow and movements in the yield curve. We will show that for changes in the yield curve which can be related to tⁿ , the 1st order changes in the net present value of a cash flow are linearly dependent on the n + lth duration moments, and that the 2nd order changes are dependent on the sum of duration moments of order 2 n + 1 and 2 n + 2. We will use this relationship to tilt tracking portfolios so as to protect them against specific changes in the yield curve.     

Significant Issues for the Future of Product Innovation

The value of a technology strategy has been increasingly discussed by R&D personnel and those involved in product development and business planning efforts. In this issue Albert Rubenstein and Americo Albala elevate this discussion by showing the importance of preparing a firm to compete by stressing the development of important, relevant technologies. Discovery and development must be channeled into areas that will be needed to support business initiatives likely to occur in the future. Albala stresses the importance of this change for the development of economies in nations that have been disappointed by the lack of success of importing technologies from more developed nations, while Rubenstein maintains that the pace of marketplace change requires a technology strategy in order to reduce the misapplication of scarce resources within the firm and the possibility of being blindsided by competitive developments. These essays continue a year-long series of contributions that the editor-in-chief solicited from members of the editorial board. Members were asked to reflect upon changes and opportunities that they see influencing our profession during the coming decade. Both of these short essays are designed to introduce new perspectives. It is not essential that you agree with the recommendations, but we hope that you are stimulated as you reflect on the issues they raise.     

MODELING THE TERM STRUCTURE FROM THE ON‐THE‐RUN TREASURY YIELD CURVE

We propose a new model to estimate the term structure of interest rates using observed on‐the‐run Treasury yields. The new model is an improvement over models that require a priori knowledge of the shape of the yield curve to estimate the term structure. The general form of the model is an exponential function that depends on the estimation of four parameters fit by nonlinear least squares and has straightforward interpretations. In comparing the proposed model with current yield‐curve‐smoothing models, we find that, for the data used, the proposed model does best overall in terms of pricing accuracy both in sample and out of sample. JEL classification: E43, G12     

城市房屋拆迁中的公共利益在程序法上的界定——兼评《城市房屋拆迁管理条例》第十六条

公共利益内涵在立法上的缺失,造成大量个人利益被侵犯的案例,在城市房屋拆迁中尤其突出。本文通过探讨如何从程序上赋予受公共利益影响者参与对公共利益内涵的确定以及在个人利益受到侵犯时给予司法救济的途径的问题,试图从法律程序上限制政府对公共利益的滥用,并最大程度地维护公民的个人利益,以此暂时回避对公共利益内涵问题的探讨。     

关于开展航海职业教育扶贫工作的探讨

建设新农村的核心环节是提高农民收入。对贫困地区进行扶贫是党和政府解决贫困地区农民问题的重要手段之一,其中心工作是提高农民收入。通过开展航海职业教育扶贫工作可以有效地帮助转移农村富余劳动力,提高农民综合素质,增加农民收入,增强农民自身的造血功能,彻底改变贫穷的面貌;同时也有利于促进航运业和航海职业教育的发展。开展航海职业教育扶贫工作是一个多方合作共赢的过程。     

张娟娟 打破韩国垄断的第一人

2008年8月14日的北京奥运射箭赛场,第一次奏响了雄壮的中国国歌,这是一个应该被我们永远记住的历史瞬间.被韩国选手"霸占"了几十年的冠军领奖台首次站上了一位笑靥如花的中国选手--张娟娟.